January 31, 2025 07:43 GMT
STIR: GBP Pricing Sticky Around 70bp Of BoE Cuts For '25
STIR
Modest hawkish pressure for GBP STIRs early today, after Trump’s continued focus on levying tariffs on both Mexico and Canada weighed on Tsys in Asia hours.
- BoE-dated OIS remains relatively sticky, showing ~72.5bp of cuts through year-end after pricing as much as ~74bp of cuts in recent days.
- SONIA futures flat to -1.5.
- Little of note on the UK calendar on Friday, which will leave focus on European national inflation readings and U.S. PCE data.
BoE Meeting |
SONIA BoE-Dated OIS (%)
Difference vs. Current Effective SONIA Rate (bp)
Feb-25
4.468
-23.3
Mar-25
4.422
-27.9
May-25
4.265
-43.5
Jun-25
4.200
-50.1
Aug-25
4.095
-60.5
Sep-25
4.066
-63.5
Nov-25
3.996
-70.5
Dec-25
3.977
-72.4
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